The course exposes students to the halal value chain and provides a managerial background from both the theoretical and practical paradigms in international practice. Successful circular halal economies will be analysed. The criteria for what qualifies as halal in different regions will also be contrasted together with future models for successful halal expansion and promotion.

Audit and compliance functions are essential for proper corporate governance irrespective of the type of corporation. This course examines the key principles related to audit and compliance of Islamic Financial Institutions (IFIs) including shariah governance and internal control frameworks, laws, regulations, guidelines & standards for Islamic Financial Institutions (IFIs), shariah governance and internal control frameworks, laws, regulations, guidelines & standards for IFIs, commercial law and governance, legal documentation for Islamic finance products, governance structure of IFIs in relation to Shariah, Shariah audit, shariah audit report & managing shariah non-compliance events, process and procedure of Shariah review and contemporary issues related to compliance and audit of IFIs.

Students are expected to appreciate the environment of the economic and business life space in which the provisioning process makes sense to members of society. The decisions and behaviour of individuals and firms as economic agents and their rationales are provided within the framework of economic thinking and sensibilities.

Students will be exposed to values and worldview that underlie the norms and expected behaviour of business entities in the pursuit of their purpose and goals defined differently under different environment and worldviews.

This course critically examines the socio-economic challenges facing communities and nations globally and assesses how Islamic finance instruments such as zakat, sadaqah, waqf and takaful may be used with modern technology to alleviate hardship and develop communities, in line with the Maqasid al Shariah and the UN goals for sustainable development.

This course is design to provide in depth understanding of the components and products of the Islamic Capital Market. The analytical techniques used in the design, pricing, and valuation of the products are emphasied.

An as application oriented course, the design and structuring of transactions from an integral part of the course. Products and processes are examined for their use in hedging (risk management), arbitrage, and trading.

The course covers the following topics:

• Elements of Investment Theory & Techniques
• Portfolio Theory
• Equilibrium in Capital Markets
• Risk/Return tradeoffs and optimal portfolios
• Security Portfolio Analysis
• Behavioral Finance in Portfolio Investments

The course introduces to modern theories of monetary economics with the attempt to look at them from the Islamic perspectives. In the course, the macroeconomic implications of money markets and monetary policies will be discussed in details. The course introduces students first with the macroeconomic model of monetary economics using the IS-LM-AS framework.

Then, a detailed discussion of money, money demand, money supply process and monetary policy making will be dealt with. Various contemporaneous issues in monetary economics will also be touched. These include the issues of monetary credibility, monetary policy and exchange rate regimes and others.

Banks take risk in the pursuit of profits. While risk-taking is the bsis of all business, conventional banking deals predoinantly with managing financial risk such as credit, market and liquidity risk while Islamic banking has to account for two more unique risks, namely business/ commercial risk and Shariah non-cmpliance risk (SNCR). This complicates the analysis of Islamic banking within a dual financial system. What is more intriguing is the funding sources of Islamic banks that uses the profit loss sharing principles (PLS) but holding the attributes of deposit funds. Under these challenges and constraint, the cours looks at the islamic banking business and how it deals with risk management in an environment dealing with the demand of divine order within opposing financial infrastructures. Islamic banking success will then, critically depends on the strong corporate and shariah governance to evident SNCR-free operations that are rooted on solid ethical principles.

When islamic banks make murabaha to earn profits and assume risk associated with the financing operations, it is expected to find ways to manage these risks as well, which include credit, market, liquidity, operational and Shariah non-compliance risk. Some risk faced by Islamic banks are unique, hence requires special attention and ability to detect and control them accordingly. Hence managing these risks involves, identification, measurement and mitigation of the risks associated with all positions taken up by the bank. On the flip side, the objectives of the banking business must be in line with the public interest, where financial stability must be secured by way of robust regulatory and supervisory control. This is where capital adequacy and its management under the pretext of Basel Accord and IFSB regulations are examined in a critical way to assess its impact on the Islamic banking business and the overall financial system.

The primary purpose of this course is to teach students how to think internationally. The main focus is on foreign exchange markets for spot and forward currency transactions, determinants of exchange rates, currency risk management, currency derivative instruments, multinational corporate finance, and international capital movements.

In addition, this course will also address macroeconomic policies relating to exchange rate management, and Shari’ah concerns with respect to currency risk hedging and currency derivatives.

This course details on the application of accounting standards, the recording of Islamic financial transactions, the meaning of relevant accounting disclosures made by Islamic banks under the IFRS and AAOIFI regime and assurance services (Shariah Audit) for Islamic financial institutions. Both the theory and the application aspects of the twelve topics covered in the course are emphasized. The accounting theory and fiqh rules are important for the students to understand recording and financial reporting of Islamic financial transactions.

The course examines risk from the Islamic perspective and ways of mitigating it in accordance with Shariah and explains why insurance is forbidden and hence the advent of takaful. It discusses the various takaful business models, products and the key operational process of takaful.

The study of the regulatory environment in various jurisdictions is a must for all takaful students as the industry is highly regulated. The actuary plays a key role in the takaful organization and its position is a requirement in most jurisdictions. The study of the actuarial principles and concepts are critical product design, pricing, underwriting, investments and reserving.

The course covers the following topics:

• Active portfolio construction and management
• Factor Modelling
• Machine learning in investing
• Bayesian Black-Litterman model
• Algorithmic trading and systematic investing

The Islamic wealth management has been part and parcel of Islamic finance. The main philosophy of Islamic wealth management is that wealth belongs to Allah (swt) and human beings are mere trustee. The main objective of Islamic wealth management is the achieve al-falah i.e Allah blessing in this world and hereafter.

The five major components of wealth management are

• wealth generation which is the primary source of wealth management. Wealth can be in the form of employment income, business and trade.
• Wealth protection is where all our wealth needs to be protected through takaful or Islamic insurance.
• Wealth accumulation is a constant process that involves generating more wealth and in the process we need skills.
• Wealth purification such as zakat, sadaqah and waqf as in the process we might have tainted our wealth.

Allah also requires us to share with us as they also have rights to our wealth and financial wealth distribution. After the accumulation of wealth and the huge amount of wealth who will inherit it. The law of inheritance in accordance to Islamic principles as mentioned in the surah An-Nisaa needs to be complied. We are not supposed to leave our children in poverty. Surah an-Nisaa have identified the quantum each of beneficiaries their rightful portion. The above process corresponds to the life-cycle of a person from the time the person begins to earn and income until the day he dies. The most important point of Islamic wealth management is that a Muslim needs to practice it as it helps to ensure the generation and accumulation of wealth is in accordance to Shariah principles and it is halal.

The course focus on the business of Islamic banking and its product offerings. Funding of financing products for consumer and business expenditure are sought from deposits and investment account. The regulatory, legal and Shariah framework are instituted to ensure enforceability and stability of Islamic banks in carrying out its operations. Structures of deposit, investment and financing solutions are examined to explore their contractual and product attributes which include pricing, management of resources, marketing, ethics and sustainability.